City tenants must work 11 days each month before they can afford rent, survey shows
CITY tenants must work one of the longest periods nationwide to be able to afford their rent, a study has found.
A survey carried out by CreditLadder.co.uk shows tenants in Portsmouth must work an average of 11 days each month before they can afford to pay their rent in full.
Dubbed ‘Rent Freedom Day’, the firm has calculated the monthly point at which tenants across the nation have earned enough money to pay for their accommodation.
It found Portsmouth residents take the third-longest time to reach Rent Freedom Day – placed only behind Gloucester (13 days) and Brighton (12 days) – while equalling London.
Sheraz Dar, CEO of CreditLadder.co.uk, said: ‘It’s clear rent eats up a shockingly high proportion of people’s wages, even though for many, renting privately it is the only option.
‘Our research also highlights the big differences in rental affordability up and down the nation – which can vary at its most extreme by up to eight days.’